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From the Adjusted Trial Balance,prepare an Income Statement for Martin

Question 202

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From the adjusted trial balance,prepare an income statement for Martin Sky Taxi Services.
MARTIN SKY TAXI SERVICESAdjusted Trial BalanceFor the year ended December 31 Cash $28,000 Accounts receivable 14,200 Office supplies 1,700 Airplanes 100,000 Accumulated depreciation - Airplanes 45,000 Accounts payable 11,500 Common stock 25,000 Retained earnings 46,900 Dividends 40,000 Fees earned 150,000 Rent expense 13,000 Office supplies expense 2,000 Utilities expense 2,500 Depreciation Expense - Airplanes 15,000 Salary expense 50,000 Fuel expense 12,000 Totals $278,400$278,400\begin{array}{c}\text {MARTIN SKY TAXI SERVICES}\\\text {Adjusted Trial Balance}\\\text {For the year ended December 31}\\\begin{array}{|l|r|l|}\hline \text { Cash } & \$ 28,000 & \\\hline \text { Accounts receivable } & 14,200 & \\\hline \text { Office supplies } & 1,700 & \\\hline \text { Airplanes } & 100,000 & \\\hline \text { Accumulated depreciation - Airplanes } & & 45,000 \\\hline \text { Accounts payable } & & 11,500 \\\hline \text { Common stock } & & 25,000 \\\hline \text { Retained earnings } & & 46,900 \\\hline \text { Dividends } & 40,000 & \\\hline \text { Fees earned } & & 150,000 \\\hline \text { Rent expense } & 13,000 & \\\hline \text { Office supplies expense } & 2,000 & \\\hline \text { Utilities expense } & 2,500 & \\\hline \text { Depreciation Expense - Airplanes } & 15,000 & \\\hline \text { Salary expense } & 50,000 & \\\hline \text { Fuel expense } & 12,000 & \\\hline \text { Totals } & \$ 278,400 & \$ 278,400 \\\hline\end{array}\end{array}

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